The National Bank of Ukraine (NBU) has approved amendments to loosen requirements to banks concerning the confirmation and registration of deals that they conclude in the interbank market. The NBU cancels a requirement to banks for the mandatory confirmation of all deals on FX purchases and sales in Ukraine’s interbank FX market via the System for Confirmation of Deals in Ukraine’s Interbank Foreign Exchange Market (also known as ValCli).

Further on, banks will be able to use both ValCli (on a voluntary basis) and other means acceptable for the parties of a deal (SWIFT, for example) to confirm their own deals in Ukraine’s interbank FX market. At the same time, banks will have an option to conclude deals in Ukraine’s interbank FX market at any time, and not only via ValCli – which is the current situation.

In addition, the NBU waives requirements to banks for registration of loan deals in the domestic currency in Ukraine’s interbank loan market via the CredInfo System (the system for the provision of information on loan deals in the domestic currency in the interbank loan market). Onwards, this registration will be canceled.

Previously, the information received through ValCli and CredInfo was used by the NBU to monitor the conditions of Ukraine’s interbank FX and loan markets. Further on, the NBU will receive the respective data through the information exchange channels of Bloomberg and Reuters, and from banks’ available statistical reporting.

These actions will create more flexibility for banks about the timeframes of their deals and ease a burden of providing the information to the NBU, as well as enable for the NBU to receive information on conditions of the money and FX markets in a more timely manner.

The aforementioned decisions were recognized by NBU Board Resolution No. 79 On Amendments to Certain Regulations of the National Bank of Ukraine dated 19 July 2018 and No. 81 On Rendering Void Certain Regulations of the National Bank of Ukraine, that both will take effect on 1 August 2018.